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Technology Stocks : PC DOCS GROUP (DOCSF)
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To: Sultan who wrote (747)10/18/1997 4:21:00 PM
From: Kevin Firth   of 910
 
A Financial Post article on the Hummingbird thread indicates there's still hope that Hummingbird may acquire PC DOCS. www3.techstocks.com

Here's an excerpt:
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... because the [Andyne] merger involves shares instead of cash, most analysts still expect Hummingbird to announce "the big one" -- a long-awaited acquisition that will eat up some of its US$120 million in cash.

Duggal [Hummingbird's chief financial officer] says any large acquisitions in the future will also likely be a merger, or pooling of interests, rather than a cash purchase, because an outright purchase is often a greater depressant on a stock since goodwill must be written off for a period of time. That means Hummingbird is not likely to buy back any of its stock soon, since a pooling is prohibited for two years after a buyback.

"Its not the acquisition we've been waiting for," Kyne [portfolio manager at Driehaus Capital Management] says. "That is still coming," and will likely be in data warehousing. Hummingbird has also identified document managment and Java-related businesses as potential acquisition targets.
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This article states "pooling is prohibited for two years after a buyback". This is probably why PC DOCS has not purchased any of its stock. Who knows, PC DOCS and Hummingbird could merge and then use their combined cash of around US$190 million to purchase another company.
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